Mobile Payments Soon Possible in Malaysia with MOLCube

Over here in Malaysia, using our smart devices to make payments has still not taken off, unlike in countries such as America, where mobile payment options is widely available. That should change in the future, as a Malaysian-based company plans to bring mobile payment to Malaysians in the near future.

MOLCube, a joint venture between MOL AccessPortal and Soft Space, is a startup company which will drive mobile payment options here for small and medium businesses to accept credit and debit card payments using smart devices running on iOS, Android or Windows Phone (BlackBerry device support is coming soon).

To further reduce public scepticism – one of the largest barriers preventing the embrace of this technology – Soft Space recently received an EMV2 (Europay Mastercard Visa) certification, making it only one of three companies worldwide to receive it. In addition, Bank Negara Malaysia has also recently given them the all-clear, and required the company to work with MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), which is a fully-owned subsidiary of Bank Negara that deals with e-payment solutions.

While there is no word as yet on the adoption rate of the technology by merchants, MOLCube will be operating on the eight countries that MOL currently operates in, and a target of twelve by the end of the year, with an annual transaction amount of RM1.5 billion aimed for this year, and double that by the end of next year.